Let's be honest: in the folk culture, the picture of how life insurance works for people with existing medical conditions is not exactly soothing. Look at stones before actuarial drones, looking for reasons to disqualify you from coverage or inquisition-like medical exams that invade your privacy and eat up lots of your time … and then disqualify you from coverage. If you think you must have a record as clean as the driven snow even to be considered a life insurance, then you may not even bother to apply, which could give your loved ones a significant financial risk in the future.  Fortunately, the truth is simple: yes, you can get life insurance with existing medical conditions. Here's a straight talk with the help of an actuary at Haven Life, an online life insurance agency behind and owned by MassMutual, about how it works ̵
Myth # 1: All existing conditions will hang up my insurance premiums or disqualify me from coverage
Let's take this quickly: It all depends on the individual. (If the life insurance business had a single mantra, it would be.)
"To be sincere, if you have a serious medical condition, it's likely that you pay more than the best price, but there are also conditions that don't would affect prices at all, "explains Laura McKieran Boylan, Haven Life's product owner for algorithmic signature. Diabetes, high blood pressure, depression – all these common conditions and many others, will not necessarily disqualify you from getting a favorable premium on a life insurance policy.
Still, there is reason to keep this myth. "It is true that previous insurance policies have been rather rigid," says Boylan. "There were checklists, rules, points you list based on certain conditions – but they didn't take into account the full perception of an individual." Today, sophisticated software and human actuarial work to make much more personal, holistic evaluations of an applicant's health. According to Boylan, some chronic conditions are evaluated more positively than before – because the way we approach the insurance policy is not so black and white. "
Myth # 2: It is best to submit the details of my medical history, just to be sure.
If you are in the market for a life insurance, you will probably need to answer detailed questions about your medical history And if you have an existing condition, you may be tempted to "simplify" things, hoping to streamline the application. Do not! The truth is that it will only do more work for you along the way.
"If we Seeing a recipe story that points to details that were not completely revealed, we must get a human insurer to go through the entire application with a fine toothed comb. That's when delays happen, says Boylan. "I know that the process can sometimes seem overwhelming. The important thing is just to be honest and do the best you can to answer exactly."
Here's a pro suggestion: Treat the application as an interview not a test. The insurer does not look for things in your medical history to "do" you instead, they seek as much detail as possible so that they find an interest that works for you. "It can hear Hokey, but we really want to give as many people as possible access to affordable life insurance. And we can only advocate them as much as they will tell us," says Boylan.
Better yet? ] own advocates. "If you know that you are managing your existing state in a healthy way, and you have medical records or even a medical examination we say so, we encourage applicants to upload that material," says Boylan.
Myth # 3: The longer I I have an existing state, the worse it looks.
Actually, the opposite can be true. Life insurance companies such as stability and predictability, so if your medical history shows that you are managing your condition in a consistent manner for months or even years, the information may work to your advantage. For example, if you have a history of depression and "you have a first-line medicine that has been effective in controlling your symptoms, it is a good chance that it will not affect your prices," Boylan says. 19659002] Medical signed life insurance offers some of the most affordable prices – so even if you have a long-standing existing condition, it is still worth applying. If you become incompatible with coverage, there are other types of life insurance products that may be better suited, albeit slightly more expensive.
Myth # 4: If I try to get life insurance after receiving a serious medical diagnosis, I am tied.
Call it "doomsday scenario": you delayed you for life insurance, then meet with an unexpected diagnosis – and now you are sure no insurer will move you. If such worries inspire you to explore life insurance options rather than later, then it's good! But the truth is that even if you are in this problem you will almost certainly be able to get some type of life insurance.
"Very serious medical conditions can be treated and it can be positive for life insurance guarantees," says Boylan. In some cases, it is possible to get your premium revalued after a period of improved health. If you manage to get your chronic condition under better control, you can request a review to reduce your interest rate in the future.
If you have difficulty getting approved for coverage, there are other types of life insurance that may be better suited. For example, a guaranteed issuance policy, which by its name will cover you no matter what. This type of policy is usually limited to $ 50,000 or less, is more expensive than a medically signed policy, but is a good option for people with critical illnesses seeking some kind of coverage to help with final costs.
"Medical signed Term life insurance is generally the most affordable, so it is a good place to start when looking for coverage," says Boylan. "But if we can't cover someone, it's not uncommon for our customer success team to help the applicant to their next best option. We definitely want to solve problems for people. "
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